Sales 2,975
Average Price $821,392
New Listings 6,174
Summary of TREB MLS® Sales for the GTA and Average Price April 1 to April 30, 2020
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Each Office Independently Owned & Operated
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Sales 2,975
Average Price $821,392
New Listings 6,174
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Sales 8,012
Average Price $902,680
New Listings 14,424
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‘The Bank of Canada today maintained its target for the overnight rate at ¼ percent, which the Bank considers its effective lower bound. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent’ – Bank Of Canada
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‘The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent.’ – Bank Of Canada
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‘Effective March 23, 2020, the Bank of Canada 5-year Benchmark Qualifying Rate is reduced from 5.19% to 5.04%.’
What does that mean?
If you were purchasing a home for $700,000 using a $175,000 down payment and the annual household income was $126,000, you can now purchase a home for $708,690 using the same amount of down payment.
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Some lenders are allowing you to deref your mortgage payment for upto six months.
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Some lenders have reduced their prime rate from 3.45% to 2.95%
For example if your variable rate mortgage was at prime minus 0.80% then the rate lowers from 2.65% to 2.15%
For a $300,000 mortgage at 30 years amortization the monthly payment changes from $1,206.60 to $1,130.04 = $76.56 savings
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Call now for any help! 647.818.7253
For mortgages insured by Canada Mortgage and Housing Corporation (CMHC), CMHC provides mortgage professionals with tools and the flexibility to make timely decisions when working with you to find a solution to your unique financial situation.
These tools include:
Converting a variable interest rate mortgage to a fixed interest rate mortgage in order to protect you from a sudden interest rate increase, should one occur.
Offering a temporary short-term payment deferral. Your mortgage professional may be prepared to offer greater payment flexibilities, particularly if previous lump sum prepayments have been made, or if you have previously chosen an accelerated payment schedule.
Extending the original repayment period (amortization) in order to lower your monthly mortgage payments.
Adding any missed payments (arrears) to the mortgage balance and spreading them over the remaining mortgage repayment period.
Offering a special payment arrangement unique to your particular financial situation.
CMHC is also willing to consider other alternatives proposed by the mortgage professional to resolve or avoid mortgage payment default. In every case, the options available will depend upon your individual financial circumstances.
– C.M.H.C
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Summary of TREB MLS® Sales for the GTA and Average Price February 1 to 29, 2020
Sales 7,256
Average Price $910,290
New Listings 10,613